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The Warren Buffett Way, Second Edition Paperback – October 4, 2005
| Robert G. Hagstrom (Author) Find all the books, read about the author, and more. See search results for this author |
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A decade has passed since the book that introduced the world to Warren Buffett -- The Warren Buffett Way by Robert Hagstrom -- first appeared. That groundbreaking book spent 21 weeks on the New York Times Hardcover Nonfiction Bestseller list and sold over 1 million copies.
Since then, Warren Buffett has solidified his reputation as the greatest investor of all time -- becoming even richer and more successful, despite the wild fluctuation of the markets. How does this value investing legend continue to do it? That's where Robert Hagstrom and the Second Edition of The Warren Buffet Way come in. This edition is a completely revised and updated look at the Oracle of Omaha -- comprising Buffett's numerous investments and accomplishments over the past ten years, as well as the timeless and highly successful investment strategies and techniques he has always used to come out a market winner. This edition is especially accessible as Buffett's basic tenets of investing are presented and illuminated with relevant and up to date examples.
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- Print length272 pages
- LanguageEnglish
- PublisherWiley
- Publication dateOctober 4, 2005
- Dimensions6.05 x 0.78 x 9.05 inches
- ISBN-100471743674
- ISBN-13978-0471743675
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Editorial Reviews
From the Back Cover
"Nobody has described what Buffett practices better than Hagstrom."
Time
"Simply the most important new stock book. . . . If you think you know all about Warren Buffett, you have a lot to learn from this book."
Forbes
"It's first rate. Buffett gets a lot of attention for what he preaches, but nobody has described what he practices better than Hagstrom. Here is the lowdown on every major stock he ever bought
and why he bought it. Fascinating."
Fortune
"Almost anybody curious about the relationship between the behavior of economics, the performance of firms, and the ups and downs of the stock market will find something of interest here."
The Economist
"The Warren Buffett Way is accessible to average readers because Mr. Hagstrom reduces the billionaire's techniques to some easily understandable tenets . . . the book demonstrates the rewards that can come down the road."
The Dallas Morning News
About the Author
Product details
- Publisher : Wiley; 2nd edition (October 4, 2005)
- Language : English
- Paperback : 272 pages
- ISBN-10 : 0471743674
- ISBN-13 : 978-0471743675
- Item Weight : 11.4 ounces
- Dimensions : 6.05 x 0.78 x 9.05 inches
- Best Sellers Rank: #968,717 in Books (See Top 100 in Books)
- #2,246 in Business Professional's Biographies
- #6,916 in Investing (Books)
- Customer Reviews:
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*Is the business understandable?
*Does the business have a consistient operating history?
*Does the business have favorable long term prospects?
*Is management rational in capital allocation?
*Is management candid with shareholders?
*Does management resist the institutional imperative?
*You need to focus on return on equity, not earnings per share.
*Calculate "owner earnings" to get a true reflection of value.
*Look for companies with high profit margins.
*For every dollar retained, make sure the market value increases by at least one dollar.
*Understand what is the value of the business?
*Can the business be purchased at a significant discount to value?
He then analyzes many Berkshire investments looking at these ten tenets. Once you have read the book, you will have a better understanding through Hagstrom's thorough examples of how to apply these tenets to an investment. A good, practical and not too wonkish book.
First read Christopher Brown's "Little Book of Value Investing" and then Joel Greenblatt's "Little Book that Beats the Market" which serve as even more basic introductions to value investing. After these three reads you can work your way up to Greenblatt's "You can be a stock market genius". Then you'll be well on your way to understanding the bedrock principles that made men like Warren Buffett, Sir John Templeton and Joel Greenblatt the legends they ultimately became.
The good thing about The Warren Buffett Way is the author tends to stay away from high falutin words that their understandable to anyone willing learn value investment. This is way different from the books I bought about technical analysis that included mathematical equations with some weird Greek letters.
All in all I would reccomend this book for someone interested in a light biography of Buffet or a little insight into how he makes decisions.
It didn't go nearly as in depth as I would have liked. I wish someone would write more about Buffet's early partnership days.
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